Revel Casino In Dire Straits (Atlantic City: hotel, homes, casinos)
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Well that didn't take long. Revel casino already might be seeking advice to go into bankruptcy. I guess they never figured out that each region in NY/NJ/CT has its own casino. In other words, this isn't 1983.
ATLANTIC CITY — Revel, the troubled casino and hotel that was billed as the future of Atlantic City when it opened last spring, has hired bankers and lawyers to prepare for a possible bankruptcy, the Wall Street Journal, citing sources, reported today on its website.
The new resort owes $1.2 billion to creditors and has struggled to meet its obligations with each passing month. With revenue never matching expectations, investors have repeatedly bailed out the casino.
Gaming receipts are wayyyy down in Atlantic City have been trending that way for years. AC is highly mismanged and the cost of operating a business in NJ makes it so hard to succeed. NJ folks pay so much in property taxes and income taxes that they have little left over to spend at the casino tables. And those from out of town go to Foxwoods or Mohegan Sun where there are nicer surroundings. AC is a really dumpy town and the boardwalk is just plain filthy. No high roller wants to hang out on the AC boardwalk.
That's a shame. I still think AC needs to capitalize on the one thing the other casino resorts don't have - the beach. They need to fix up the boardwalk and provide a wider range of activities outside of the casinos. Could be a great family vacation spot that caters both to kids and to the adults who want "grown up time" in the evenings.
I hope they work it out. Both the city and the state need some success.
The boardwalk is one of a kind in the world. I like biking when its not summer. Half the time I go there isn't at all to gamble but to walk and bike and go into the ocean. Nowhere else can u bike a real scenic boardwalk 4 miles right along the ocean.. Then u have Ocean city a couple miles down. They should fix up the pier more for games and gokarts also. There is enough shopping and gambling already.
Gaming receipts are wayyyy down in Atlantic City have been trending that way for years. AC is highly mismanged and the cost of operating a business in NJ makes it so hard to succeed. NJ folks pay so much in property taxes and income taxes that they have little left over to spend at the casino tables. And those from out of town go to Foxwoods or Mohegan Sun where there are nicer surroundings. AC is a really dumpy town and the boardwalk is just plain filthy. No high roller wants to hang out on the AC boardwalk.
I think it's been a dead concept for years and so do the states surrounding NJ. Even the CT casinos are now losing out to the NYC casinos. Nobody needs to hop on a bus when you can now drive 20-30 minutes.
I think it's been a dead concept for years and so do the states surrounding NJ. Even the CT casinos are now losing out to the NYC casinos. Nobody needs to hop on a bus when you can now drive 20-30 minutes.
When I heard about Revel I was wondering how could that ever work.. We're still in a weak economy with no light at the end of the tunnel, there are already several casinos, already have Borgata and the old ones which are more than enough. I don't see anything very special about Revel. Doesn't come off as anything different than Taj or Harrahs though I like its location on the north end of the boardwalk.
I think it's been a dead concept for years and so do the states surrounding NJ. Even the CT casinos are now losing out to the NYC casinos. Nobody needs to hop on a bus when you can now drive 20-30 minutes.
When I heard about Revel I was wondering how could that ever work.. We're still in a weak economy with no light at the end of the tunnel, there are already several casinos, already have Borgata and the old ones which are more than enough. I don't see anything very special about Revel. Doesn't come off as anything different than Taj or Harrahs though I like its location on the north end of the boardwalk.
Whoever researched the need for another large AC casino should have his/her head checked for the reasons I cited above. AC is far away from the major population centers except Philly. Philly now has several casinos close by. Therefore, AC is becoming less & less relevant to gamblers and day-trippers.
The entire game has changed and AC boosters just don't want to admit it.
Whoever researched the need for another large AC casino should have his/her head checked for the reasons I cited above. AC is far away from the major population centers except Philly. Philly now has several casinos close by. Therefore, AC is becoming less & less relevant to gamblers and day-trippers.
The entire game has changed and AC boosters just don't want to admit it.
Agree, plus is does not help when bad news like the two tourists stabbed to death just feet from casino in broad daylight doesn't help. Two car jackings from casino park lots that resulted in murder, all in the last few years.
Whoever researched the need for another large AC casino should have his/her head checked for the reasons I cited above. AC is far away from the major population centers except Philly. Philly now has several casinos close by. Therefore, AC is becoming less & less relevant to gamblers and day-trippers.
The entire game has changed and AC boosters just don't want to admit it.
I think it is ok if the Revel development guys thought AC might make a good location. They're suppose to be out there pushing the envelope. It is the debt guys that make you scratch your head. How the heck did they get comfortable making that loan??? Did they even bother driving to AC before putting that loan up for a vote to their Investment Committee???
they arent going to do any better there so long as they have all that filth on the boardwalk and areas immediately outside of the hotels.
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